Mt. Vernon Register-News

October 3, 2012

District 80 receives clean audit

There was not a large difference found between fiscal year 2012 and fiscal year 2011

By ROSIE GITHINJI
rosie.githinji@register-news.com

MT. VERNON — — District 80 received a clean bill of health from auditor Jim Leuky, a partner with Krehbiel and Associates.

Leuky told the board District 80 has done well this year when he presented the finance committee with the annual financial report.

“We did not find any exceptions that we need to report to the state,” Leuky said, adding the district is considered a “low risk auditee.” This makes it easier for the company to audit the district because there are fewer complications with the numbers.

In a side by side comparison of the 2011 fiscal year to the 2012 fiscal year, Leuky said there was not a large difference between the figures. For example, the district showed a balance of $85,402,712 for FY 2011 in the areas of transportation, IMRF, working cash, and other assets and liabilities. For FY 2012, the total balance for all these categories was $84, 807,218.

Leuky said transportation funds were the biggest source of discrepancies, which he attributed to the lack of payments from the state of Illinois.

“The transportation fund has been a problem for years,” he told the committee, adding that it will most likely not change in the next few years.

Regarding the expenses and financial report for District 80, Leuky said the amount totaled $12,389,000.

“When you think about it, really, the numbers are pretty staggering,” he said. “But, it gives you a good idea about the size of the district.”

He said there were no disbursements from the district which went over budget and the independent auditor report was positive as well.

The school district spent an average of $10,273 dollars on each student for FY 2012, compared to $9,672 for FY 2011. Leuky pointed out increase is not necessarily a bad thing for the district.

“From an educational standpoint, [District 80] is continuing to put financial resources towards its students,” he said. “Ten thousand dollars is a pretty healthy number.”

Leuky said there were no issues with processing the audit for the district and the new AFR format made it simpler to present.

“As far as we are concerned, the audit experience this year was good,” he said.

The audit will be presented to the board of trustees at the Oct. 10 meeting for approval.